Today, in an unknown-COVID environment, many people in the fitness industry are anxious and unsure what the future will look like for their business.
Promotion Vault was founded in 2013 by Brian Mitchell to solve for a major problem that was plaguing the industry and threatening the livelihoods and success of many gym and studio owners nationally. If you were in this industry as long as Brian has been (25+ years), you will remember the 2010-2012 shift in competitive pricing models that resulted in most fitness brands shifting from selling results, relationships and experiences to only focusing on their deep discounts on their prices. This was leading to the death of many well-established businesses and brands.
Promotion Vault was created around ‘flipping that script” back to attracting new valued members and clients through their doors using incentives and rewards (not discounts), allowing the business owner to maintain their profitable pricing model, and building a strong affinity with their customers. Since launching Promotion Vault, Brian is proud to report that more than 2,400 fitness brands (and growing) have adopted the Promotion Vault philosophy and have found freedom from discounting their services/memberships and on average find a 20 percent increase in revenue lines in which an incentive is offered.
Today, they have shifted again to make an even bigger effort for a strong recovery following this global pandemic. What was true back in the 2010s is even more relevant in 2020s. Once again, Brian’s concern for the recovery of the industry has resulted in the desire to innovate simple and effective ways for this industry to recover – and even be better than ever. As gyms and studios are in the process of re-opening their doors with forced limited capacity, it is important to get the most revenue out of every single member and visitor through the doors. It is obvious that this is not the time to offer deep discounts. The question then has to be asked: How do I acquire the best paying member, with the least about of waste, in this limited access environment?
Promote value and rewards – not discounts and savings. You will acquire a customer who is not price-motivated but reward-motivated. Offering rewards immediately flips the script in the consumer’s consciousness from price-hunting (which results in them leaving when a better deal comes along) to building a true affinity and appreciation for their fitness business operator.
During this period of worldwide pandemic, Brian has been working hard, pushing his team and his technology to create a new way to service business owners and their teams’ rewards needs. This hard work has resulted in an exciting new Promotion Vault 2.0 that boasts an amazing platform called Rewards Vault. This RaaS (Rewards as a Software) operates autonomously for the business owner via a self-serve software platform. It has never been easier to send and track your rewards with zero waster. The new subscription-based system is now available at www.PromotionVault.com. Sign up and start rewarding today.